Analyst Cautious On Willis IPO

While London-based Willis Group Holdings' initial public offering closed higher than its June 12 offering price, one investment analyst cautioned that the firms earnings per share estimate could be too high.

Nikolai D. Fisken of Stephens Inc. in Little Rock, Ark. said investors should be wary of the stock over the long term. "Im not saying it's not going to be a hit, but Im suspect of the number," he said.

Mr. Fiskens concern centered around Willis earnings per share, which run from a loss of $1.11 in 1999 to a predicted gain of 50 cents per share by 2002. "Its an incredible increase," he said. "Given how fast the increase is, it deserves a lot of focus. But it is a great IPO and it has done well so far."

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